What Is SaaS? And What Is Web Based, SaaS HR Software?
- Ministry of Labor and Employment decided to reduce the administrative costs PF to be paid by employers. According to the notification issued
S.No Particulars Non Contributory (No Employee is being paid, but PF code is in use) Non contributory (No Employee is being paid, but PF code is in use) Old Rate Up to 31st March 2017 Revised Rate from 1st March 2017 Old Rate Up to 31st March 2017 Revised Rate from 1st April 2017 1 PF Admin Charges (A/c No: 2) in payment challan Monthly Minimum rate of Rs. 75 Monthly Minimum rate of Rs. 75 Monthly Minimum rate of Rs. 500 (or) 0.85% of PF wage , whichever is higher Monthly Minimum rate of Rs. 500/- (or) 0.65% of PF wage , whichever is higher 2 EDLI Admin Charges (A/c No: 22) in payment challan Monthly Minimum rate of Rs. 25 0% (Nil) Monthly Minimum rate of Rs. 200/- (or) 0.01% of restricted PF wage, whichever is higher (No change in the contribution rate but only on Monthly Minimum rate) 0% (Nil)
- On March 15, 2017, the new rate of contribution to the PF administrative fee will be 0.65% of an employee’s total EPF salary. Furthermore, the Employees’ Deposit Linked Insurance (EDLI) administrative charges have been reduced to 0% (nil) (earlier the charges were 0.01%).These changes are implemented from 1st April 2017. a move that will result in savings of around Rs1,000 crore annually for about 6 lakh employees.
- The source stated that the new type of administrative fee would apply as of April 1, 2017. However, the notice states that the employer would have had to pay a minimum amount of RS70 per month for each non-functional facility without Rs500 and member Each month for other companies.
- After the implementation of this decision now, EPFO will cover all administrative costs of the EDLI interest of the EDLI corpus program.